Page 20 - LatAmOil Week 50 2020

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GBP15mn ($20mn).
BPC will immediately receive gross pro-
ceeds of GBP7.5mn ($10mn) through the issue
of shares at a price of 2.0p each. BPC has also
entered into a Funding Option Agreement,
whereby BPC has an option, at its sole discre-
tion, to raise up to a further GBP3.75mn ($5mn)
from the Investor within 10 business days after
the spud of the Perseverance #1 well on sub-
stantially the same terms; if BPC so elects, the
Investor has the option to double that amount,
thereby providing BPC discretionary access to
the full GBP15mn ($20mn).
The transaction is consistent with BPC’s
funding strategy and will enhance its overall
funding capacity, including for the anticipated
costs of work in Trinidad and Tobago and Suri-
name planned for 2021, and ongoing costs and
expenses associated with the Company’s 100%
owned and operated Perseverance #1 well in The
Bahamas.
Our Oil & Gas team is delighted to announce
its 9th transaction of 2020.
Gneiss Energy, December 14 2020
Approximately to 80% of the investment is The generation of cash and the materialisa-
expected to continue to be allocated to projects tion of efficiencies is expected to facilitate a pos- Gran Tierra Energy
in Colombia, and the remaining 20% mainly to itive free cash flow and achieve a gross debt to
investments in the United States and Brazil. EBITDA ratio of less than 2.5 times for 2021 announces sale
The plan foresees reliable, clean and safe “2020 challenged the Company and proved
operation, with a production of hydrocarbons its resilience and ability to adapt to an adverse of PetroTal shares
expected between 700,000 and 710,000 barrels and volatile environment. The investment plan
per day in 2021, a greater joint refining through- for 2021 seeks to recover the Company’s growth Gran Tierra Energy today announced a financial
put of between 340 and 365 thousand barrels per path, enhance its competitiveness, enlarge the update.
day, and transported volumes over 1mn barrels sustainability agenda and establish the course Key Highlights: On December 11, 2020, Remus
per day. towards energy transition, in line with our strate- Horizons PCC Limited entered into a pri-
Some 77% of investments are expected to be gic pillars of cash flow protection, cost efficiency, vate agreement with Gran Tierra Resources
oriented towards exploration and production capital discipline and profitable and sustainable Ltd. (GTRL), a wholly owned subsidiary of
projects, targeting assets with the highest strate- growth. With this investment plan we are using Gran Tierra, providing for the purchase by the
gic fit and profitability, with a goal of accelerating our energy to continue constructing a country Acquiror of 218.0125mn common shares of
the value capture. of all, for all,” said Ecopetrol’s CEO, Felipe Bayón PetroTal Corp. at a price of GBP0.099385 per
The plan calls for an increase in the allocation Pardo. Purchased Share, for an aggregate purchase price
of resources to energy transition and sustainabil- Ecopetrol, December 14 2020 of approximately GBP21.667bn. Completion of
ity initiatives. 14% of investments are expected to the transaction is expected to occur on or about
be directed at expanding the gas chain and other Gneiss Energy acts as December 18, 2020, subject to a number of con-
energy sources, including expected investments ditions being satisfied or waived by one or both
of over $200mn in energy efficiency projects and financial adviser and sole of GTRL and the Acquiror.
the incorporation of renewable energies. More The Purchased Shares represent approx-
than $150mn is expected to be allocated to the arranger for Bahamas imately 26.7% of the issued and outstanding
decarbonisation projects and over $90mn to effi- PetroTal Shares as of December 11, 2020. GTRL
cient water management in operations. Petroleum Co. currently owns 246mn PetroTal Shares, repre-
The plan includes resources for the develop- senting approximately 30.15% of the issued and
ment of Integral Research Pilot Projects (PPII for Gneiss Energy is pleased to announce that outstanding PetroTal Shares as of December 11,
its acronym in Spanish) in Colombia and contin- we have acted as Financial Adviser and Sole 2020. Upon the closing of the transaction, GTRL
uing of operations in the Permian Basin. Arranger for Bahamas Petroleum Co. on BPC’s will own 28.0875mn PetroTal Shares, repre-
Nearly $80 million is expected to be allocated funding of up to $20mn with a leading European senting approximately 3.44% of the issued and
to investments in technology and innovation, alternative asset manager. outstanding PetroTal Shares as of December 11,
focusing on digital transformation, enhanced BPC Plc, the Caribbean and Atlantic mar- 2020. The remaining 28.0875mn PetroTal Shares
recovery, and energy transition. gin focused oil and gas company, with explo- are subject to escrow pursuant to the TSX Ven-
The 2021 plan expects to set aside approx- ration, production, appraisal and development ture Exchange escrow requirements imposed in
imately COP405bn ($118.5mn) for social assets across the region, announced today that connection with the Issuer’s reverse take-over
investment allocated to the development and it has entered into agreements under which transaction completed in December 2017.
well-being of communities where we operate. BPC has the potential to access gross funding of Gran Tierra Energy, December 14 2020

P20 www. NEWSBASE .com Week 50 17•December•2020